Viasat, Inc., a global communications company based in Delaware, has submitted an interim report on May 25th. The company has also entered into an amended and restated credit agreement with Bank of America, N.A. as administrative agent and the lenders under the agreement.
The contract, dated September 22, 2023, allows for modifications to the original credit agreement as of May 30, 2023, subject to the written consent of the borrower and the administrative agent. The contract states that the existing credit agreement may be completely modified and restated as indicated in Schedule A. Any modifications and restatements are subject to the approval of the administrative agent, signed by the borrower and the administrative agent prior to the effective date.
The validity of the agreement is contingent upon the receipt of the counterparties’ acceptance, including the signature of the borrower, the administrative agent, and the essential lenders, immediately prior to the effective date. Additionally, the administrative agent must obtain satisfactory written advice from Latham & Watkins LLP, the borrower’s legal counsel in New York.
This agreement specifies that, except for modifications made under this agreement to the conditions and provisions of the existing credit agreement, it remains in full force. It also clarifies that the agreement does not replace or renew any loan documentation or any documents ensuring such loan.
Viasat, Inc., a leading global communications company, has signed an amended and restated credit agreement to replace the existing credit agreement with a consortium of lenders. The contract was signed by Shawn Duffy, Senior Vice President and Chief Financial Officer (CFO) of Viasat. The lending consortium includes Bank of America N.A. and other financial institutions such as JPMorgan Chase Bank, N.A., Credit Suisse AG, New York Branch, Barclays Bank PLC, Citizens Bank, N.A., MUFG Bank, Ltd., and Truist Bank.
The amended and restated credit agreement, originally executed on May 30, 2023, was modified and restated on September 22, 2023. Bank of America N.A. also acts as collateral agent along with BofA Securities, Inc., JPMorgan Chase Bank, N.A. Barclays Bank PLC, Credit Suisse Loan Funding LLC, MUFG Bank, Ltd., Truist Securities, Inc., and Citizens Bank, N.A. as joint lead arrangers and joint bookrunners.
The comprehensive agreement includes a detailed table of contents covering definitions, classifications, accounting terms, GAAP, and more related to loans and borrowings. The agreement indicates that all references in the existing credit agreement are now modified and related to the amended and restated credit agreement. This development represents a significant change in Viasat’s financial strategy and relationship with lenders.
Viasat, Inc. closed at $18.88, down 5.55% from the previous trading day on May 25th.